Modern Tech a Vietnamese company has gone dark after taking over 600 hundred million dollars of investor money for two coins:
Ifan was supposed to be a social network whose coin allowed fans to purchase the downloads, concert tickets and merchandise of their favorite celebrities. Sounded like an okay idea, I guess.
Pincoin was just promoted as another investment promising huge returns. It had been on the scam detector's radar for months, it was pretty much a textbook case of a scamcoin. It had typical pyramid structure promising people who signed up others would get a commission. They promised to pay back investment in a few months, but like the Bitconnect scam, they paid people back in worthless coins. You had to buy 1000 dollars worth minimum, which should set off alarm bells. The site says 100 dollars but the article linked below says 1000, not sure which is true. They may have lowered amount later on to suck more people in.
When I look at the webpage, it's a decent layout but the English is terrible.
The outstanding aspect of the iFan platform is the sharing of profits against celebrities
Quote source: https://ifan.io/
I would never invest in a company that didn't have a proof reader. It's a slick website but terribly sloppy. You took all those millions of dollars you should have a website that makes sense. I can't believe so many people fell for this.
Pincoin has a Lambo on it's page.
Wow, that sucks to openly play on people's greed like that. It's also really vague on exactly what it does. Or is supposed to do:
PIN Community from London, England is poised to become one of the largest community in the crypto space to that develops advanced technologies to promote the Sharing Economy 2.0, providing higher efficiency, speed, less costs, and more values to their users...... Members of the PIN community can perform collaborative investment as well as collaborative consumption to get full benefits from sharing economy model.
Quote source: https://pincoin.io/
I read over the website a few times and really doesn't really say anything. It's vague with a lot of buzzwords. Also terrible English.
Do your research
You always hear "Do your research" and it's true. Don't glance at the webpage and think it looks good. Read the white paper, ask questions, know what the hell the project is. No one wants to wake up one day and see their thousand dollar investment is gone. This operation cleared out it's offices in Vietnam and disappeared. Good luck finding them or getting any money back. Jerks like this are why regulation is coming....
[image source] (ifan.io/static/homepage/assets/images/icon-ifan.png)
Clear and well made points... You can't still help but feel sad for some of the people that lost money though.
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Okay first of all, who did invest his money on this sites. I am glad that you point out pretty critical things. A website with 1-2 error in spelling might be a thing of haste, but this text on the sites are google translator like.
I always read those sites, proof their concepts. If a company is trying to advertise their ICO in english and does not have the competence to write a proper text, mostly it is a scame. Showing a lambo on the landing page, should be the final point of exit.
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This post has received a 14.84 % upvote from @boomerang.
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This post has received a 23.23 % upvote from @booster thanks to: @viraldrome.
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Hoo dear you really help me this information. Thanks a lot :-)
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